Successful redevelopment of former oil field Stockstadt in Hesse
Heidelberg. Rhein Petroleum GmbH, Heidelberg, announced today, that drilling of their first oil well in Riedstadt-Crumstadtd was successful, which means it reached oil-bearing layers. Riedstadt-Crumstadt is located about 50 kilometers south of Frankfurt am Main. The exploratory drilling ended –as planned– in the so-called “Pechelbronner layers”. This drilling target was defined as promising as a result of the extensive seismic studies of Rhein Petroleum. It is located within the former oil field “Stockstadt”, where oil was being produced until 1994. Not yet detected structures were identified in the surroundings of this former oil field, which shall also be drilled. For this purpose, the next oil well called “Allmend 1” will be drilled from the same drilling pad starting within the next few days. Test production for both wells is scheduled for January 2014. The complete press release can be found at www.rheinpetroleum.de.
Deutsche Rohstoff, who co-founded Rhein Petroleum in late 2007 to redevelop old oil fields in Southern Germany, still holds 10% of the company. The remaining shares are held by Tulip Oil (www.tulipoil.com), The Hague, Netherlands. Deutsche Rohstoff sold the majority of Rhein Petroleum to Tulip in January 2011. Due to an agreement signed in September 2012, Deutsche Rohstoff pays for just 2.5% of all investments of Rhein Petroleum despite its 10% share.
Heidelberg, 7 November 2013